pETH is the Ether synthetic of JPEG'd. It is minted when a user borrows against their NFT and burned when they decide to repay their loan. Unlike the standard 2% interest rate for borrowing PUSd, the standard interest rate is 5% for borrowing pETH.
A user cannot borrow both pETH and PUSd from the same vault.
pETH will be situated in a Curve factory pool with ETH.